AXIS Capital reveals Q3 results

AXIS Capital reveals Q3 results | Insurance Business Canada

AXIS Capital reveals Q3 results

AXIS Capital Holdings has announced its financial results for the third quarter. The company reported net income available to common shareholders of US$47 million (approx. CA$58.06 million), or US$0.56 per diluted common share. That’s compared to a net loss of US$73 million, or US$0.87 per diluted common share, for the third quarter of 2020.

Net income available to common shareholders for the nine months ended Sept. 30 was US$391 million, or US$4.59 per diluted common share, compared to a net loss of US$146 million, or US$1.73 per diluted common share, for the same period last year.

Operating income for Q3 was US$1 million, or US$0.01 per diluted common share, compared to an operating loss of US$65 million, or US$0.77 per diluted common share, for the third quarter of 2020. Operating income for the nine months ended Sept. 30 was US$254 million, or US$2.98 per diluted common share, compared to an operating loss of US$158 million (US$1.88 per diluted common share) for the same period last year.

Adjusted for dividends declared, the book value per diluted common share increased by US$0.22, or 0.4%, compared to June 30. It has increased by US$1.79, or 3.3%, over the last 12 months.

Albert Benchimol, president and CEO of AXIS Capital, said the industry has been impacted by severe weather events this year.

“In the face of these challenges, we continued to deliver, accelerating momentum in our progress, highlighted by eight consecutive quarters of year-over-year improvement in our combined ratio ex-cat and weather,” Benchimol said. “Notably, AXIS generated net operating income for the quarter, and our lower market share of the events demonstrates the progress that we’ve made in reducing our net exposure to catastrophes. Our results were underscored by strong top-line growth, disciplined underwriting, and solid investment income.”